Lobsterboy1
Established Member
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- Mar 22, 2011
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Hi, I am looking to remortgage my house to buy a second home to rent to my parents. They are in their 60s and have lived in Portugal for the last 10 years but are looking to sell their apartment over there and move back to England. With their age they were looking to rent over here when they move back and live off the money they get for their apartment. So rather than pay rent to a stranger I thought I would remortgage my house, buy another house and them live there paying me enough to cover the extra on the mortgage. Seems pretty straightforward I think, but will the money they pay me be taxable if they are only covering the mortgage payment. I understand that I will have to pay capital gains tax if I ever sell the house, but was thinking whenever the inevitable happens to them my Son or Daughter might want to live there. I wondering if there is any other tax to pay, any one else have any experience with this. Cheers